Buying a new home is exciting and confusing. There are a lot of steps to buying a home, and people have questions. These are the most common questions home buyers have, and the answers.
1. How do I get started? – The first step is to speak with a lender and get a pre-approval. This will tell you, and potential sellers, how much you can afford.
2. How long does it take to close on a home? – Typically, it takes about 30-45 days once contracts are signed to complete the lending, appraisal, and inspection processes.
3. What does my agent do? – A buyer’s agent will negotiate terms and manage the closing process from start to finish.
4. How much do I pay for a buyer’s agent? – Nothing. The seller’s agent gives the buyer’s agent a portion of their commission from the seller.
5. What credit score do I need to qualify? – A 620 FICO score or higher is required for most home loan programs. Talk to a lender for other options for lower scores.
6. How much money do I need for a down payment? – It varies. FHA loans start as low as 3% and most lenders offer standard programs for a 5% down payment.
7. What other fees will I need to pay? – Closing costs and loan origination fees will add another 2-4% to the costs.
8. What if I change my mind? – Your agent will work with you to build in contingencies for condition, loan terms/approval, and other protections to allow you time to evaluate the home during escrow.
9. When do I get the keys? – Unless you’ve negotiated extra time for the sellers to move, you’ll get the keys at the closing.
10. What’s the best advice for home buyers? – Trust the experts and ask lots of questions. Buying a new home is exciting. Reduce any anxiety by finding a good buyer’s agent who can help you make the best choice for your needs.
Buying a home in Knoxville can be stressful, but that's where I am here to help! I work with first time home buyers or buyers looking to purchase their retirement home. Many of my buyers are relocating to Knoxville and need help narrowing down the location best for them to live. I am here to walk you though every step of the process and work with a professional team to help make the transaction as smooth as possible - from your financing, to home inspection, to closing and beyond. I'm here to support you every step of the way!
Please reach out to me today to see how I can best support you in purchasing your next home here in Knoxville, TN!